Short answer: Getting this warning despite receiving orders usually happens because there's a secondary action whose conversion tag hasn't fired in the last 48 hours, or your purchase tag is being blocked on certain browsers. If the conversion count in your dashboard doesn't match the actual order volume in your store backend, you are indeed losing data.
Your first step should be opening the conversions summary table in Google Ads and reviewing the status of each goal individually. In many businesses, an old action like add-to-cart or a form submission is left enabled; if that action was removed or its URL changed, the system flags the entire account with a setup incomplete warning. If your main purchase goal looks active, the issue is simply one of these dormant goals; removing them or switching them to secondary will clear the alert.
Second, verify the integrity of your main purchase goal. Place a test order on your site with tag debugging active, and confirm that the order value and transaction ID are being passed correctly to the tag on the thank-you page.
Finally, compare data from the last two weeks: place the number of paid orders from your e-commerce platform side by side with the conversions reported in your ads dashboard. If there's a significant discrepancy, you're likely facing an integration gap, such as your cookie consent banner blocking tags before the user gives consent.